Back in 2014, a study done by Columbia University confirmed that the likelihood of job turnover at a company with a rich corporate culture is only 13.9%. The same study found that companies whose corporate cultures are more lacking were prone to much higher job turnover rates of a whopping 48.4%. Here are some steps employers can take to cultivate a rich corporate culture:
1) Encourage Open Communication
A corporate culture of trust is one that will produce happier, more productive employees and a higher bottom line for the company. Make a point of communicating with your employees on a regular basis, in person as well as over e-mail, through blogs, social media, etc. Be open about the results of the hard work everyone is putting in, to help motivate your workforce. Decide what values and qualities you want your company to project as part of its corporate culture, and ask employees for their insight and feedback.
2) Be an Example of Enthusiasm
Cultivating a more positive corporate culture starts with you, the employer. Share anything that excites you or that you feel passionate about with employees, and encourage them all to do the same. This could be an idea you have for a company project, something funny or inspiring you read, or a cultural experience you had. Small things like this can go a long way in cultivating an inspired workforce and therefore a rich corporate culture.
3) Engage Employees
Your corporate culture won’t flourish if you don’t have your employees carrying the message. Be very clear about your company’s corporate mission, and emphasize these values from the day your employees start, and moving forward on a regular basis. Honesty and respect are two key traits in leaders that go a long way in cultivating a positive corporate culture. If you practice these two things hard enough, you are likely to receive the same in return from your employees. Your level of employee engagement is integral to your company’s bottom line. The results of a Towers Perrin survey showed that companies whose employee engagement was poor had a 33% annual decline in operating income, and an 11% annual decline in earnings growth. But the companies who had high employee engagement showed a 19% increase in operating income and 28% growth in earnings per share.
4) Have Fun and Celebrate Success
Cultivating a rich corporate culture isn’t a boring task. You can’t have the culture you want if there is too much monotony in your day to day business operations, and your employees are constantly feeling overwhelmed. So arrange to celebrate small achievements regularly with fun activities that get everyone out of their normal routine. Attend or participate in a sporting event together, have a themed lunch every Friday, put together a booth at a cultural fair, or reward your employees with unexpected perks like paid days off and gift cards.